Fannie Mae announced a brand new program called HomePath Ready Buyer program. The program allows for first-time homebuyers to receive up to 3% of the purchase price in closing cost help which goes toward the purchase of a HomePath property.
As an example of how it works… when purchasing a $150,000 home, the buyers could potentially save up to $4,500. Fannie Mae will also reimburse the $75 cost of a homebuyer education course at the time of closing.
There is certainly an overwhelming amount of information for first time home buyers, so Fannie Mae has developed the HomePath Ready Buyer program to assist first-time homebuyers in making informed decisions as they enter into the home buying process. Closing cost assistance should positively impact first-time home buyers as they experience the financial responsibilities of homeownership.”
In order for first time home buyers to receive the 3% rebate, they must complete an online homebuyer education course.
Fannie Mae has partnered with Framework, a nonprofit created by the Housing Partnership Network and the Minnesota Homeownership Center, to create the homebuyer education course. The homebuyer education course will be provided entirely online. The course offers first time homebuyers a homeownership education course that will cover both the complexities of home buying and the responsibilities of actually owning a home.
These are the requirements to be eligible for the closing cost assistance and the reimbursement of the actual training cost:
- Buyers must fully complete the HomePath Ready Buyer training course (online) on the HomePath website, They will receive a certificate upon successful completion of the course.
- The buyer must be a first-time homebuyer and the property being purchased must be the primary residence.
- In order for closing cost assistance the request must be made at the initial offer, submitted on or after April 14, 2015
It is important that the course be completed before an offer can be made.
For information on this new Fannie Mae offer to first time home buyers, call David Dorman at 321-293-2240. Remember… It’s All About You!